President Donald Trump's pick for secretary of the Navy has withdrawn from nomination.

Philip Bilden announced his decision in a statement Sunday, citing his "family's private financial interests" as a possible conflict if he were to take the job.

Defense Secretary James Mattis confirmed Bilden's withdrawal in his own statement. He called it "a personal decision driven by privacy concerns and significant challenges he faced in separating himself from his business interests."

Bilden is a former military intelligence officer who also led the Hong Kong branch of a global private equity firm.

Last week, White House press secretary Sean Spicer shut down rumors that Bilden would be pulling his name from consideration. He tweeted Bilden was "100% commited to being the next SECNAV."